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On August 3rd, the China Automobile Dealers Association (CADA) released its latest "Automobile Dealer Inventory Warning Index Survey," showing that the inventory warning index for July 2026 was 61.1%, a year-on-year increase of 3.9 percentage points and a month-on-month increase of 3.9 percentage points. The index remains above the boom-bust line. Dealers expect the car market to continue its weak off-season performance in August. High temperatures and sweltering heat in most parts of the country are suppressing offline customer traffic, and consumer hesitancy is not expected to improve significantly. However, the concentrated release of pent-up demand during the graduation and back-to-school season will have a certain stimulating effect on market demand, and sales are expected to be better than in July.On August 3rd, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4550%, and the lowest was 0.7350%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0090%, and the lowest was 0.9130%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0130%, and the lowest was 0.9030%.According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.On Monday, August 3, the Hong Kong Hang Seng Index opened 102.88 points higher, or 0.4%, at 25,987.31; the Hang Seng Tech Index opened 32.7 points higher, or 0.68%, at 4,861.92; the H-share Index opened 46.97 points higher, or 0.55%, at 8,659.12; and the Red Chip Index opened 3.68 points higher, or 0.09%, at 4,196.8.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.

After recovering from 0.8600 prior to ECB Lagarde's speech, the EUR/GBP pair continues to advance

Daniel Rogers

Dec 08, 2022 15:31

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The EUR/GBP pair has strengthened its rebound to roughly 0.8615 during the Asian session. As investors moved their focus to Christine Lagarde's speech for the European Central Bank, the cross rebounded well after touching Wednesday's low at 0.8600. (ECB).

 

The ECB President's comments will provide fresh impetus for the anticipated monetary policy adjustments at the December monetary policy meeting. Despite the fact that ECB policymakers believe the central bank has imposed a significant deal of pressure on interest rates and that a neutral rate is close at hand, a December rate hike is more likely due to Eurozone inflationary pressures.

 

The median consumer inflation forecast for the next 12 months jumped from 5.0% to 5.4%, according to a survey conducted by the ECB. Inflation forecasts for the next three years remain unchanged at 3%. Therefore, markets should anticipate a hawkish statement on interest rate policy from the ECB president.

 

The monthly Retail Sales statistics declined by 1.8% this week, although analysts had projected a 1.7% decline. In addition, annual Retail Sales declined by 2.7% versus the consensus projection of a 2.6% decline. In the absence of other variables, a decline in consumer spending indicates that inflation will soon decelerate.

 

The escalating food supply problem in the United Kingdom is driving already high food inflation, resulting in an increase in inflationary expectations. Rising input costs and labor constraints are producing a food supply shortage, which is anticipated to increase food inflation from its current 12.4% level. This might exacerbate the decline in the British economy and have repercussions for the pound.


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